HSBC UK broker barometer: Industry innovation; calls for tax reforms

The quarterly survey, which gathered sentiment from 465 mortgage brokers in October 2025, also highlights what they want to see included in the Chancellor of the Exchequer’s Autumn Statement in November, providing a valuable snapshot of broker sentiment across the UK.

Key Findings from the Q3 HSBC UK Mortgage Broker Barometer:

‘Project 28’ gains strong broker support

Known as 'Project 28', the bold and ambitious plans to revolutionise property transactions by slashing the time from sale agreed to exchange of contracts to just 28 days, a dramatic reduction from the 2024 average of 109 days, has garnered significant support from the mortgage industry. Nine in ten brokers (89%) see Project 28 as a step forward for the mortgage and property markets, with over one third considering the efforts to be a “very significant” step forward.

Brokers identified relevant up-front information, early instruction of conveyancers, and secure data-sharing as the most important areas to accelerate transaction times. Many also pointed to new digital tools and better communication between lenders, brokers and conveyancers as key enablers of progress. The Barometer’s findings reveal the four most important elements for the cross-industry initiative to focus on delivering:

• The provision of relevant upfront information and condition reports is the most important element to streamline the homebuying process (65%)
• Early instruction of a seller-side conveyancer, ensuring legal work begins at listing (53%)
• Access to a secure, interoperable data repository, giving all parties real-time access to key documents (49%) and Early commissioning of leasehold packs, avoiding late-stage legal delays (48%).

Almost 6 in 10 brokers (57%) surveyed believe one to two years is a reasonable timeframe to achieve a reduction in the time it takes from sale agree to exchange of contracts to 28 days.

What brokers want from the Autumn Statement

Brokers remain moderately confident in the economy looking ahead to the next 6 to 12 months. Six in ten brokers (61%) rated their confidence in the economy at 5 or above (on a scale where 10 is “extremely confident”), although this is a notable decrease from 78% in the previous Broker Barometer in Q2 2025.

Government policies and economic conditions remain top concerns for brokers, with many calling for stamp duty reductions alongside the need to reduce taxes, with measures that support first-time buyers and promote economic stability. The main asks of Rachel Reeves, Chancellor of the Exchequer, include:

• Taxation adjustments - there is a call for a reduction in taxes and increases to tax band allowances.
• Stamp duty reforms with many asking for a reduction.
• Economic stability and growth - a call from brokers for a clear and consistent approach to taxation and spending.
• More support for first time buyers with the mention of help-to-buy schemes and stamp duty exemptions.
• Housing market stimulation with a need for targeted housing investment, particularly in building more affordable housing.
• In addition to the mortgage and housing market, more social and infrastructure investment such as on the likes of the NHS.

Industry optimism endures – Broker Happiness Index of 69

While brokers expect residential application volumes and market activity to soften after the summer, with 35% expecting an increase and 44% expecting the current level to remain, the vast majority of brokers (67%) still describe 2025 as a good year for the mortgage industry, and morale across the profession remains high. At the same time, most brokers continue to report that recent lender stress-rate adjustments have made a meaningful difference for borrowers. Almost two thirds (63%) say lending has increased since lenders eased affordability assessments, with more brokers describing those increases as “significant”.

Seven in ten (69%) brokers rate their overall happiness at 7 out of 10 or above - consistent with earlier this year - and over 80% say they plan to stay in the industry long-term.

Most brokers (65%) expect their firms to grow over the next 12 months, with 11% expecting their firm to see significant growth in the next 12 months.

Looking ahead

Although market activity expectations have moderated since July, brokers continue to show strong belief in the long-term health of the sector. The combination of steady confidence, career satisfaction, and support for industry innovation paints a positive picture of a profession embracing change and committed to helping customers navigate the housing market.

Chris Pearson, Head of Intermediary Mortgages at HSBC UK, said: “The HSBC UK Broker Barometer provides invaluable insight into the challenges and opportunities facing mortgage brokers today. Our latest Barometer shows a profession that’s realistic about the current market but content with how the year has gone so far and confident about the direction the industry is heading. Despite some economic uncertainty, brokers remain pragmatic and positive about the year ahead. Confidence in the market, coupled with the continued high levels of job satisfaction we’re seeing in the Broker Happiness Index, shows an industry that’s grounded but optimistic - and committed to supporting customers through changing conditions.

“Brokers are strongly backing initiatives like Project 28, recognizing the power of innovation to improve the home-buying experience for their customers. Their support for Project 28 underlines a shared commitment across the industry to make the home-buying journey faster, more transparent and more efficient - something that will benefit brokers, customers, lenders and conveyancers alike. Project 28 represents a real opportunity to simplify one of life’s most stressful experiences - and brokers are fully behind it.

“Brokers have sent a clear message to Rachel Reeves, the Chancellor of the Exchequer, in the Autumn Statement; Measures that support affordability, stimulate housing supply and simplify taxation will make a real difference, but the priority must be reform of Stamp Duty. The feedback shows a profession that understands the wider economic context and wants to see long-term, sustainable growth in the housing market, not just short-term fixes.

“The mortgage industry is evolving rapidly, and the broker community continues to be at the heart of that change. Whether it’s championing innovation through Project 28 or calling for sensible reforms that make home ownership more accessible, brokers are helping to shape a more modern, efficient, and customer-focused market.”